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In order to obtain a license to broker freight, a freight brokerage must purchase a surety bond or trust agreement with the Federal Motor Carrier Safety Administration (FMCSA). [3] Prior to June 2012 when the bill was signed by President Obama, the surety bond coverage required to hold a broker license was $10,000.
Co-brokering is a legal practice used to ensure there is an available truck to transport freight. A 4PL may use a 3PL broker to match loads with trucks, with a shippers knowledge. The primary broker will take a lesser amount of the fee and the secondary broker will book the load for transport receiving a larger share of the same fee. [7]
Flexport's software integrates and connects ERP data from various companies involved in a supply chain, which allows them to manage information about cargo and streamline freight processing. [5] As of 2017, it had raised $304M, including $110M in a Series C round .
ArcBest Corporation is an American holding company for truckload and less-than-truckload (LTL) freight, freight brokerage, household good moving, and transportation management companies. Historically, the company also owned furniture, banking, and other diverse subsidiaries.
A carrier is an entity that actually transports goods and may use a variety of shipping modes, including ships, airplanes, trucks, and railroads, including multiple modes for a single shipment. [4] For example, the freight forwarder may arrange to have cargo moved from a plant to an airport by truck, flown to the destination city and then moved ...
Once a broker is booked, the broker's job is to find a carrier, which is the individual or company that actually employs drivers and operates the car transport equipment. Brokers are employed because they have access to freight load boards, where they can post the job and find carriers that have transportation resources in the area. They can ...
A shipping agency, shipping agent, or ship agency is the term used to refer to the appointed companies that handle operational and procedural (legal) requirements for a commercial vessel's call at a port for the purposes of cargo handling (loading/discharging), emergency calls, repairs, crew changes, or ship demolition, and protect the general interests of their principals on behalf of ship ...
Kenco Group, or Kenco, is a privately held Chattanooga, Tennessee, United States–based company that provides logistics services. [2] Kenco specializes in distribution and fulfillment, transportation management, material handling services, and warehouse real estate management.